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Empowering Businesses Supporting Tomorrow Empowering Businesses Supporting Tomorrow Annual Report | 2017 CONTENTS Overview Financial Statements Profile 04 Corporate information 34 Overview, Vision & Mission 05 Independent Auditors' Report to the 35 Financial Services 07 Shareholders Financial Highlights 10 Consolidated statement of financial position 37 Financial Review 11 Consolidated statement of profit and loss 38 Consolidated statement of comprehensive 39 Governance income Board of Directors 13 Consolidated statement of changes in equity 40 Chairman’s Statement 17 Consolidated statement of cash flows 41 Management Executive Committee 19 Notes to the consolidated financial statements 42 CEO’s Statement 23 Basel III Pillar III Disclosures 72 Management Review 29 Organization Chart 30 Corporate Governance 36 Financial Review 37 Bahrain Development Bank B.S.C. (c) BDB Building, Diplomatic Area, P.O. Box 20501, Kingdom of Bahrain T: (+973)17 511111 F: (+973)17 534005 E: [email protected] www.bdb-bh.com View our Annual Report and other information about Bahrain Development Bank www.bdb-bh.com His Royal Highness His Majesty King His Royal Highness Prince Khalifa bin Salman Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa The Prime Minister of The King of the Kingdom The Crown Prince, the Kingdom of Bahrain of Bahrain Deputy Supreme Commander and First Deputy Prime Minister Bahrain Development Bank | Annual Report 2017 Overview Bahrain Development Bank (BDB) provides a variety of financial services that are tailored to meet the needs of small and medium businesses in Bahrain and promote their development in both the industrial and service sectors. BDB commenced its operations in Working in-line with Bahrain Economic 1992 as a specialist Bank. BDB's Vision 2030, BDB adopts a dynamic activities are focused on financing and effective strategy for stimulating and developing of small and entrepreneurial activity in implementing medium businesses in addition to its plans for financing & advising small encouraging and supporting the and medium businesses. entrepreneurship activities in the Kingdom of Bahrain. This strategy is in line with the Bank’s mission of being an active participant in national strategy by supporting this sector of the economy. BDB’s role in this context is especially significant given the growing size and contribution of this important segment to domestic economic activity. SMEs are garnering special status and attention worldwide due to their comparative advantage relative to larger enterprises and projects.Hence, facilitating SME's development has positive impact on the development of the economy. 2 Bahrain Development Bank | Annual Report 2017 BDB adopts a dynamic and effective strategy for stimulating entrepreneurial activity in implementing its plans for financing & advising small and medium businesses. Vision To support projects that yield substantial economic, social & environmental benefits. Mission To promote entrepreneurship & innovation in the Kingdom, by encouraging Bahraini professionals, enterprising women & ambitious youth, who demonstrate strong business acumen & leadership qualities in promoting the growth & prosperity of Small and Medium Enterprises (SMEs) through financial support and advisory services. 3 Bahrain Development Bank | Annual Report 2017 DIVERSIFIED RANGE OF PRODUCTS & Financial SERVICES Services Bahrain Development Bank offers a wide range of distinctive financial and advisory services specifically designed to meet SME’s special needs. Over the years, BDB has expanded in delivering an innovative mix of financial and advisory products tailored to meet the needs of entrepreneurs and extended to reach out a broader spectrum of economic sectors including manufacturing, tourism, health, education, fisheries, agriculture, business Bahrain Development Bank (BDB) provides a variety professional sectors and other value-added of financial services at highly competitive interest services and activities. rates that are tailored to meet the needs of small and medium businesses in Bahrain and promote the development of small and medium-sized projects in both the industrial and service sectors. • BDB Finance • BDB & Tamkeen Finance • Women Business Finance Scheme “Riyadat” • Overdraft Facility • Letters of Credit • Letters of Guarantee • Education Finance • Agricultural Loans • Fisheries Loans 4 Bahrain Development Bank | Annual Report 2017 Development Investment Services Services Strategic Report Corporate Governance Development Services Division provides a holistic In line with The Kingdom of Bahrain’s Economic eco-system for entrepreneurs through its sub-units Vision 2030, the Investment Division works closely and departments which include; Business Advisory with the Banking and the Development Divisions to and Rowad Subsidiaries. The division hosts a identify opportunities and offer a complete platform unique set of products and services delivered for entrepreneurs consisting of a wide variety of through an innovative platform tailored to meet the products and services including Equity, Credit needs of entrepreneurs in various industries. Facilities, Advisory Services and Incubation. • Rowad Coaching • Rowad Training • Rowad Incubation • Rowad Funding Financial Statements • Rowad Mentoring • Rowad Partners 5 Bahrain Development Bank | Annual Report 2017 Financial Highlights 2017 2016 2015 2014 2013 Income statement (BD thousands) Net islamic financing and interest income 6,701 7,996 6,113 5,992 5,826 Other income 3,115 2,201 4,351 5,197 1,999 Operating expenses 9,335 9,279 8,954 7,204 6,312 Impairment provision on islamic financing and loans 8,152 1,971 477 3,280 1,861 Net profit (loss) (7,671) (1,053) 1,033 705 (348) Dividend (percent) 0% 0% 0% 0% 0% Balance sheet (BD thousands) Total assets 176,170 211,333 198,140 174,306 157,814 Islamic financing and loans to customers 114,535 139,221 144,308 110,048 101,367 Investments 27,595 26,903 23,533 19,290 10,266 Total deposits 46,440 69,216 67,184 57,137 53,677 Customers’ deposits 35,084 58,541 49,098 38,321 40,283 Total Equity 72,685 80,361 81,233 75,822 71,196 Profitability Return on average equity -10.02% -1.30% 1.32% 0.96% -0.49% Return on average assets -3.96% -0.51% 0.55% 0.42% -0.22% Earnings (loss) per share (fils) -118 -16 16 11 -5 Cost-to-income ratio 95% 91% 86% 64% 81% Capital Equity/total assets 41% 38% 41% 43% 45% Total deposits/equity (times) 0.64 0.86 0.83 0.75 0.75 Capital adequacy 39.80% 38.61% 37.98% 44% 48% Business indicators Islamic financing and loans to customers/total assets 65% 66% 73% 63% 64% Investments/total assets 16% 13% 12% 11% 7% Islamic financing and loans to customers/customer deposits 3.26 2.38 2.94 2.87 2.52 Number of employees 182 188 203 200 186 6 Bahrain Development Bank | Annual Report 2017 Key Ratios Net Interest Income Total Assets Total Equity (BD Millions) (BD Millions) (BD Millions) 6.701 176.170 72.685 Strategic Report Net Interest Income (millions) Loans and Advances Cost to Income Ratio 9 Corporate Governance 8.00 144,308 8 150000 139,221 7 114,535 6.7 6.11 5.99 110,048 6 112500 101,367 5.83 5 4 75000 3 2 37500 95% 91% 86% 64% 1 81% 0 0 2017 2016 2015 2014 2013 2017 2016 2015 2014 2013 Net profit (loss) 000’s Financial Statements 100% 1,033 705 50% 0% 2017 2016 2015 2014 2013 -50% ( 7,671) (348) -100% (1,053) 7 Bahrain Development Bank | Annual Report 2017 8 Bahrain Development Bank | Annual Report 2017 Financial Review Bahrain Development Bank (BDB) considers the following financial and strategic measures as key performance indicators (KPIs) of the Group’s overall performance for Strategic Report the year ended 31 December 2017. Overview Net Islamic Finance and Interest Income Equity The Bank reported a net loss for Net Islamic finance and interest The equity attributable to the Bank’s 2017 amounting to BD 7.67 million, income of BD 6.70 million reported shareholders, at BD 72.69 million, compared to a net loss of BD 1.05 a decline of 16 % (2016: BD 8.00 has decreased from BD 80.36 million Corporate Governance million reported last year. This million). at the end of 2016 on account of the increase was mainly due to a steep losses incurred. increase in the burden of specific Other Income Capital Adequacy Ratio provisions for Islamic financing and Total other income generated during loan losses by 314%. the year was BD 3.12 million (2016: As against minimum capital adequacy At year-end 2017, the Bank’s total 2.20 million) mainly from the rentals ratio of 12.5 % prescribed by the balance sheet stood at BD 176.17 income from subsidiaries. Central Bank of Bahrain (CBB), the Bank’s ratio at year end 2017 was million, compared to BD 211.33 million Operating Expenses at year-end 2016. The decline of 17% 39.80% (2016: 38.61%). The ratio, was mainly due to decrease in Islamic Operating expenses of BD 9.34 based on guidelines issued by CBB, financing and loans to customers by million were slightly higher by 0.6% which are compatible with those of 18%, placements with banks and compared to last year (2016: 9.28 the Basel Committee on Banking million). Supervision, measures total qualifying other financial institutions by 27% and Financial Statements customer deposits by 40%. capital held by an institution in relation Net Provisions to its risk weighted assets. The group has recognized impairment provisions amounting to BD 8.15 million on Islamic financing and loans for the year ended 31 December 2017, as compared to BD 1.97 million for year 2016. 9 Bahrain Development Bank | Annual Report 2017 Board of Directors Khalid Al Rumaihi Chairman Sabah Khalil Al-Moayyed Saleh Hassan Ali Hussain Member Member Tariq Jaleel Al Saffar Tala Abdulrahman Fakhro Marwan Khalid Tabbara Member Member Member Ghassan Ghaleb Abdulaal Maryam Adnan Al Ansari Member Member 10 Bahrain Development Bank | Annual Report 2017 Khalid Al Rumaihi Saleh Hassan Ali Hussain Marwan Khalid Tabbara Chairman Member Member Appointed the Chairman of the Bahrain Holds a Master’s degree in Business Administration Co-founder and Managing Partner of Stratum, a Development Bank in March 2016.
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